How young men can pay less for car insurance
Whoever thought that a man’s life is easy compared to a woman’s clearly hasn’t been keep tracking of car insurance premiums.
Male drivers will pay out almost £17,000 more over their lifetime compared to women drivers with the average car insurance premium for men across all ages standing at £743 a year, compare to £454 annually for women.
The situation is even worse if you’re young, according to research from a comparison website. It finds that 18-year-old male drivers pay an average of just over £2,200 a year – that’s £1,905 more than the average male driver in their 40s.
Why do young men pay more for car insurance?
You might think that after the publication of the Equality Bill in April, discrimination on insurance premiums would be a thing of the past. However, male drivers still pay more than women and young drivers will still pay more than their older counterparts.
This is because insurers can credibly justify the premium gap. For example, Home Office figures show that male drivers are involved in 97 per cent of dangerous driving convictions. Men also travel significantly more miles each year compared to their female counterparts.
Young drivers too have little room for complaint about their high premiums. Eighteen-year-olds alone are involved in three times as many accidents as drivers in their 50s.
Can young men keep their car insurance premiums down?
Despite the fact that premiums are high across the board there are steps that young male drivers can take to reduce their premiums. Here are some tips:
- Vehicle choice: Driving a vehicle with a smaller engine and fewer modifications will help you earn lower premiums. Older cars too are generally favoured by insurers as they cost less to replace and are less likely to be targeted by thieves.
- Rapid bonus: If you’re in your first year of driving look for a rapid bonus scheme that allows you to earn a full year’s no-claims discount in as little as six months.
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